Pakistan militants kill 41 in mass execution, attack on Shi’ites






PESHWAR, Pakistan (Reuters) – Pakistani militants, who have escalated attacks in recent weeks, killed at least 41 people in two separate incidents, officials said on Sunday, challenging assertions that military offensives have broken the back of hardline Islamist groups.


The United States has long pressured nuclear-armed ally Pakistan to crack down harder on both homegrown militants groups such as the Taliban and others which are based on its soil and attack Western forces in Afghanistan.






In the north, 21 men working for a government-backed paramilitary force were executed overnight after they were kidnapped last week, a provincial official said.


Twenty Shi’ite pilgrims died and 24 were wounded, meanwhile, when a car bomb targeted their bus convoy as it headed toward the Iranian border in the southwest, a doctor said.


New York-based Human Rights Watch has noted more than 320 Shias killed this year in Pakistan and said attacks were on the rise. It said the government’s failure to catch or prosecute attackers suggested it was “indifferent” to the killings.


Pakistan, seen as critical to U.S. efforts to stabilize the region before NATO forces withdraw from Afghanistan by the end of 2014, denies allegations that it supports militant groups like the Afghan Taliban and Haqqani network.


Afghan officials say Pakistan seems more genuine than ever about promoting peace in Afghanistan.


At home, it faces a variety of highly lethal militant groups that carry out suicide bombings, attack police and military facilities and launch sectarian attacks like the one on the bus in the southwest.


Witnesses said a blast targeted their three buses as they were overtaking a car about 60 km (35 miles) west of Quetta, capital of sparsely populated Baluchistan province.


“The bus next to us caught on fire immediately,” said pilgrim Hussein Ali, 60. “We tried to save our companions, but were driven back by the intensity of the heat.”


Twenty people had been killed and 24 wounded, said an official at Mastung district hospital.


CONCERN OVER EXTREMIST SUNNI GROUPS


International attention has focused on al Qaeda and the Pakistani Taliban.


But Pakistani intelligence officials say extremist Sunni groups, lead by Lashkar-e-Jhangvi (LeJ) are emerging as a major destabilizing force in a campaign designed to topple the government.


Their strategy now, the officials say, is to carry out attacks on Shi’ites to create the kind of sectarian tensions that pushed countries like Iraq to the brink of civil war.


As elections scheduled for next year approach, Pakistanis will be asking what sort of progress their leaders have made in the fight against militancy and a host of other issues, such as poverty, official corruption and chronic power cuts.


Pakistan’s Taliban have carried out a series of recent bold attacks, as military officials point to what they say is a power struggle in the group’s leadership revolving around whether it should ease attacks on the Pakistani state and join groups fighting U.S.-led forces in Afghanistan.


The Taliban denies a rift exists among its leaders.


In the attack in the northwest, officials said they had found the bodies of 21 men kidnapped from their checkpoints outside the provincial capital of Peshawar on Thursday. The men were executed one by one.


“They were tied up and blindfolded,” Naveed Anwar, a senior administration official, said by telephone.


“They were lined up and shot in the head,” said Habibullah Arif, another local official, also by telephone.


One man was shot and seriously wounded but survived, the officials said. He was in critical condition and being treated at a local hospital. Another had escaped before the shootings.


Taliban spokesman Ihsanullah Ihsan claimed responsibility for the attacks.


“We killed all the kidnapped men after a council of senior clerics gave a verdict for their execution. We didn’t make any demand for their release because we don’t spare any prisoners who are caught during fighting,” he said.


The powerful military has clawed back territory from the Taliban, but the kidnap and executions underline the insurgents’ ability to mount high-profile, deadly attacks in major cities.


This month, suicide bombers attacked Peshawar’s airport on December 15 and a bomb killed a senior Pashtun nationalist politician and eight other people at a rally on December 22.


(Additional reporting by Saud Mehsud in DERA ISMAIL KHAN and Gul Yousufzai in QUETTA; Writing by Katharine Houreld; Editing by Michael Georgy and Ron Popeski)


World News Headlines – Yahoo! News





Title Post: Pakistan militants kill 41 in mass execution, attack on Shi’ites
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

NORAD Santa trackers draw record number of phone calls, social media followers






PETERSON AIR FORCE BASE, Colo.NORAD says it drew a record number of phone calls and social media followers during its NORAD Tracks Santa operation on Christmas Eve.


The North American Aerospace Defence Command said Friday volunteers answered more than 114,000 calls, up 12,000 from 2011.






NORAD’s Santa Facebook page had more than 1.2 million followers, up from about 1 million last year. More than 129,000 people followed on Twitter, up from 101,000 last year.


NORAD got 11,000 emails, up from 7,700 in 2011.


More than 1,250 volunteers answered phone calls, including first lady Michelle Obama.


NORAD Tracks Santa began in 1955 when a newspaper listed the wrong number for children to call Santa. They wound up calling the Continental Air Defence Command, NORAD’s predecessor.


The operation is based at Peterson Air Force Base, Colo.


Social Media News Headlines – Yahoo! News





Title Post: NORAD Santa trackers draw record number of phone calls, social media followers
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Matt Damon tackles “fracking” issue in the “Promised Land”






LOS ANGELES (Reuters) – The hot-button topic of “fracking” has finally made its way to Hollywood in the new movie “Promised Land,” out in U.S. theaters on Friday, with actors Matt Damon and John Krasinski teaming up to further the debate on the energy drilling technique.


The film explores the social impact of hydraulic fracturing drilling technique, or “fracking,” which has sparked nation-wide environmental and political battles over its impact on drinking water, U.S. energy use, seismic activity and other areas.






“Promised Land” will see Damon, 42, reunite with director Gus Van Sant for the third time, following their success with 1997 film “Good Will Hunting and 2002′s “Gerry.”


In their latest film, Damon plays a corporate salesman who goes to a rural U.S. town to buy or lease land on behalf of a gas company looking to drill for oil. He soon faces opposition from a slick environmentalist, played by Krasinski.


In real life, Damon hasn’t shied away from getting involved in political and social issues, working with charities and organizations to eradicate AIDS in developing countries, bringing attention to atrocities in Sudan’s Darfur region, providing safe drinking water and stopping trees from being chopped and used for junk mail.


Yet “Promised Land,” which Damon also co-wrote and produced, doesn’t take a noticeable stance on “fracking.” The actor would not publicly state his own views, telling Reuters that he didn’t think his opinion had “any bearing” on the film.


“The point is that the movie should start a conversation. It’s certainly not a pro-fracking movie, but we didn’t want to tell people what to think,” Damon said.


The actor said he and Krasinski never set out to make a socially conscious film, and “fracking” was added in later, as a backdrop to the story.


“It wasn’t that we said we wanted to make a movie about ‘fracking’ as much as we wanted to make a movie about American identity, about real people. We wanted to make a movie about the country today, where we came from, where we are and where we are headed,” Damon said.


“‘Fracking’ was perfect because the stakes are so incredibly high and people are so divided. It asks all the questions about short-term thinking versus long-term thinking.”


Hydraulic fracturing entails pumping water laced with chemicals and sand at high pressure into shale rock formations to break them up and unleash hydrocarbons. Critics worry that “fracking” fluids or hydrocarbons can still leak into water tables from wells, or above ground.


FROM ‘ADJUSTMENT BUREAU’ TO ‘PROMISED LAND’


At first glance, the pairing of Damon with Krasinski may not come across as the perfect fit, as Damon has primarily been associated with longtime friend and collaborator Ben Affleck, both of whom won Oscars for writing “Good Will Hunting.”


Damon later become a colleague and friend to a number of key Hollywood players, including George Clooney and Brad Pitt, with whom he co-starred in the “Ocean’s Eleven” franchise.


Krasinski, 33, is best known for playing sardonic Jim Halpert on NBC’s long-running television series, “The Office,” and has had occasional supporting roles in films such as 2008′s “Leatherheads.”


Damon and Krasinski came together after meeting through Krasinski’s wife, Emily Blunt, who co-starred with Damon in the 2011 film “The Adjustment Bureau.” Damon said he and his wife started double-dating with Krasinski and Blunt, through which their collaboration on “Promised Land” came about.


The duo’s busy work schedules forced them to moonlight on weekends to make “Promised Land.”


“John showed up at my house every Saturday at breakfast and we would write all day until dinner,” Damon said. “Then we’d do it again on Sunday. I have four kids so he would come to me.”


But Damon’s determination to make the film his feature directorial debut fell through when his acting schedule changed, making it impossible to direct “Promised Land,” so he turned to Van Sant.


“My first inclination was to send the script to somebody I’d worked with before,” he said. “Gus seemed like the most obvious choice and I realized later that I’d never written anything that anyone else had directed, except Gus. I have a real comfort level with him.”


Damon said he has not given up on his dream of directing movies and has his eye on a project at movie studio Warner Bros., which has a deal with Damon and Affleck’s joint production company, Pearl Street Films.


With Affleck’s third directorial effort “Argo” becoming an awards contender, Damon joked that the film’s success can only be a good thing for his own budding directing career.


“I now happen to be partnered with the hottest director in Hollywood!” he said, laughing.


(Reporting By Zorianna Kit, Editing by Piya Sinha-Roy and Paul Simao)


Celebrity News Headlines – Yahoo! News





Title Post: Matt Damon tackles “fracking” issue in the “Promised Land”
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Brazil president, cancer survivor, pronounced healthy






BRASILIA (Reuters) – Brazilian President Dilma Rousseff, who survived lymphoma cancer in 2009, was pronounced healthy by doctors after a routine exam on Friday.


Rousseff’s health was “within normal levels,” according to a statement released by her office following the check-up at the Sirio-Libanes Hospital in Sao Paulo, one of South America‘s leading cancer treatment centers.






Rousseff underwent chemotherapy in 2009 and briefly wore a wig, but the cancer went into remission and she appeared to be in good health by the time she staged her winning campaign for the presidency in 2010.


Concerns over her health have faded since then, although a bout with pneumonia and a lengthy recovery in 2011 have kept the issue on some investors’ radar screens.


(Reporting by Ana Flor, Writing by Brian Winter; Editing by Doina Chiacu)


Health News Headlines – Yahoo! News





Title Post: Brazil president, cancer survivor, pronounced healthy
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Reasons to Be Scared of Microsoft Stock






The early days of January are typically a time of unbridled optimism. This will be the year we lose 10 pounds and learn to speak French; Japan will turn itself around; Microsoft (MSFT) stock will pull itself out of a decade of doldrums.


Most analysts are betting that the Redmond computer company’s time has come. The company’s fiscal-year revenue has nearly tripled to $ 74 billion in the last 10 years. At $ 27, the shares trade right at their 10-year average and yield more than it costs the company to issue debt. Redmond has Skunk-Worked an exciting new tablet and operating system it’s eager to showcase. It’s all backed by ridiculous amounts of free cash and a fortress-like balance sheet. The 12-month price target on the stock forecasts a 25 percent gain.






Still, the company has attracted at least one major detractor with a big megaphone: Barry Ritholtz, an asset manager who runs a quantitative research firm and founder of the well-trafficked blog The Big Picture. He considers the company a “classic value trap,” not unlike what its customers Dell (DELL) and Hewlett Packard (HPQ) were at the start of this annus horribilis. The problem, he says, is Microsoft Chief Executive Officer Steve Ballmer. “As long as he is running the show—he has missed every major trend in tech over the past decade—I have no confidence in the company.”


He has company. Activist investor David Einhorn has wanted Ballmer out for more than a year and was long the shares in hopes that such an ouster would boost Microsoft’s returns. The stock is up 3 percent this year, compared with the S&P 500’s 14 percent gain. The 13 years since Ballmer became CEO have included the Vista debacle, a thankfully thwarted bid to overpay for Yahoo! (YHOO), the ceding of search supremacy to Google (GOOG), and Apple’s (AAPL) envisioning and dominating much of the smartphone and tablet markets. Meanwhile, where’s that “Skype Phone” in every palm?


‘Value trap’ is a funny term, says Bill Koefoed, Microsoft’s general manager of investor relations. Microsoft, he says, is trading in line with the big-cap technology sector, which has recently been out of favor with investors.


“Enterprise tech hasn’t been as sexy to the press. But our relevance to the enterprise has grown in a huge way. Our database business is growing faster than Oracle’s (ORCL) and IBM’s (IBM).”


Koefoed says people focus on Windows, which provides a quarter of Microsoft’s overall revenue, but not on the comparable 25 percent contribution from the company’s servers and tools division, which he emphasizes that Ballmer has grown, from a $ 3 billion business, to a $ 19 billion enterprise over the past decade. ”Over time, the stock price works itself out. We’re doing a whole bunch of things to be shareholder-friendly. Over time, that will be reflected in our share price.”


Meanwhile, Koefoed says, it was under Ballmer that the company initiated and consistently increased its dividend—with Microsoft shareholders overwhelmingly backing the CEO last month.


Ritholtz is unpersuaded “Think of the difference between what is revealed by a single snapshot of Microsoft today vs. an extended video. Yes, you can see the current situation of lots of cash, a low price-earnings multiple, name recognition, enterprise usage. But what about the trajectory and changes to the underlying market for their goods and services?”


He says that other than Kinnect for Xbox 360, “it’s hard to see what Microsoft gets for its billions of [research and development] dollars.”


“The competitive landscape has been moving against Microsoft,” wrote N. Landell-Mills of Indigo Equity Research after Microsoft’s “uninspiring” latest quarterly report, which involved the company raising its dividend 15 percent. The analyst called the organization “un-innovative and complex” and “a digital dinosaur.”


The full rollout of Windows 8 could, of course, change that state of affairs. Not that early signs are promising.


With the PC replacement cycle stretched out and assailed by competition that Microsoft failed to oppose, Ritholtz has taken to comparing its fate to that of Maytag (WHR). “It was,” he says, “once hugely successful and innovative and created lots of products and markets. Now you replace your dishwasher every 10 years; that’s the only time you ever think of Maytag.”


Businessweek.com — Top News





Title Post: Reasons to Be Scared of Microsoft Stock
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

2 arrested after Guinea treasury chief killed






CONAKRY, Guinea (AP) — Officials in the West African nation of Guinea say they’ve arrested two suspects in the case of the killing of the country’s treasury chief, who was shot to death nearly two months ago.


Authorities paraded the pair in front of journalists Friday. Aissatou Boiro was killed as she was driving home. She had launched an investigation into the loss of 13 million francs ($ 1.8 million) which went missing from the state coffers.






The government says the suspects were found with Boiro‘s computer memory stick and mobile telephone.


The men denied any involvement in her slaying and said a friend had given them the items.


Boiro’s colleagues say she had zero tolerance for corruption and was intent on putting an end to the mismanagement of state funds.


Africa News Headlines – Yahoo! News





Title Post: 2 arrested after Guinea treasury chief killed
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

iOS apps see Christmas sales spike shrink in 2012






Distimo just released its statistics on Christmas Day app downloads and revenue growth… and the download spike is far smaller than it was last year. Back in 2011, Christmas Day iOS app download volume spiked 230% above the December average. This year, the increase was just 87% — far below industry expectations. The revenue spike came in at 70%.


[More from BGR: Google names 12 best Android apps of 2012]






Interestingly, iPad downloads increased by 140% this Christmas, implying that the iPhone download bounce was really modest.


[More from BGR: New purported BlackBerry Z10 specs emerge: 1.5GHz processor, 2GB RAM, 8MP camera]


A few weeks ago, AppAnnie released statistics showing that iOS app revenue growth had stalled over the summer of 2012, whereas Android app revenue growth was relatively strong at 48% over a five month period. Both Distimo and Appannie are respected companies and their analytics are closely followed by app industry professionals. Could it be that the pace of iPhone app revenue growth has slowed down sharply from 2011 levels, even if Distimo and AppAnnie numbers aren’t entirely accurate?


This article was originally published by BGR


Gadgets News Headlines – Yahoo! News





Title Post: iOS apps see Christmas sales spike shrink in 2012
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

“Rescue Me” singer Fontella Bass dies aged 72






(Reuters) – American soul singer Fontella Bass, who topped the R&B chart in 1965 with the song “Rescue Me,” died in St. Louis. She was 72.


Bass died in hospice care on Wednesday night from complications of a heart attack she suffered three weeks ago, her daughter, Neuka Mitchell, told Reuters. Bass had also suffered from strokes in recent years.






“She’s going to be missed,” Mitchell said. “Her big personality. Her love for family. Her big, giving heart and her cooking.”


She was known as the “queen of soul food” to her family, Mitchell said.


Bass was born into a singing family in St. Louis. Her mother, Martha Bass, was a singer in the Clara Ward Singers gospel group. Her brother, the late R&B singer David Peaston, scored a handful of hits in the 1980s and 1990s.


Bass first achieved success dueting with Bobby McClure in 1965 on songs such as “Don’t Mess Up A Good Thing” and “You’ll Miss Me (When I’m Gone),” both of which were hits on the pop and R&B charts.


Bass’ biggest hit came with “Rescue Me,” which shot up the Billboard pop charts in the fall of 1965, becoming one of the most popular soul hits of all time.


“It held a special place in her heart,” Mitchell said of the song. “She sang it every time she performed.”


The song has been covered and sampled numerous times over the years, including by pop stars Linda Ronstadt and Cher, and more recently in 2000 by UK group Nu Generation, who remixed the song into a dance track.


Nu Generation’s remix, “In Your Arms (Rescue Me)” hit the top 10 of the UK singles chart.


Bass had moderate success in later years with a gospel album in the 1990s, but was unable to emulate the popularity set by “Rescue Me.”


She was married to jazz trumpeter and composer Lester Bowie. The two spent time living in Europe in the late 1960s and early 1970s before moving back to the United States.


Funeral arrangements for Bass have not been finalized. The singer is survived by her four children.


(Reporting by Eric Kelsey and Piya Sinha-Roy; Editing by Doina Chiacu)


Music News Headlines – Yahoo! News





Title Post: “Rescue Me” singer Fontella Bass dies aged 72
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

House sets Sunday session as “fiscal cliff” deadline nears






WASHINGTON (Reuters) – The House of Representatives will return to Washington on Sunday night, just over a day before income tax rates are set to spike higher, in a last-ditch chance to avert the year-end “fiscal cliff.”


Senior Republican aides confirmed that House Speaker John Boehner on Thursday told members to be back in Washington in time for a 6:30 p.m. EST (2330 GMT) legislative session on Sunday.






The House may then stay in session until January 2, the final day of the current Congress, according to a Twitter message from House Majority Leader Eric Cantor.


That is the day that another component of the “fiscal cliff” – $ 109 billion in automatic spending cuts to military and domestic programs – is set to start.


The House went on recess a week ago amid a deadlock over how to resolve ways to avoid the $ 600 billion in tax increases and spending cuts that could throw the U.S. economy back into recession.


Some media outlets reported that Obama would meet with congressional leaders on Friday, but several congressional aides said no such meeting had yet been arranged.


If a meeting occurs, Obama is not expected to offer a new “fiscal cliff” solution and he is instead likely to stick to the outline he set out a week ago for a stop-gap fix, according to a senior Democratic aide.


That would include legislation to shield most Americans from any income tax increase starting on January 1, except for those households with net incomes above $ 250,000 a year. Obama also wants an extension of expiring benefits for the long-term unemployed.


So far, the Republicans who control the House have refused to go along with any measure that would raise income taxes on anyone.


Meanwhile, House Republican leaders held an approximately 35-minute telephone conference call with rank-and-file members on Thursday, according to one Republican aide.


“There were a lot of different members who spoke on the call. All had questions. All had comments,” the aide said, refusing to elaborate.


(Reporting By Richard Cowan and David Lawder; Editing by Will Dunham)


Health News Headlines – Yahoo! News





Title Post: House sets Sunday session as “fiscal cliff” deadline nears
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Factbox: “Fiscal cliff” tax, budget provisions in detail






WASHINGTON (Reuters) – The “fiscal cliff” is only days away and efforts to avert it are making little progress, with some U.S. lawmakers predicting the tax increases and federal spending cuts involved will start taking hold in January, unless a deal comes together very quickly.


If these jolts to the economy are allowed to occur, a recession could follow, economists have forecast.






Consumer spending power suddenly would be reduced if the nation tumbles over the “cliff.” The U.S. government’s annual tax take would rise by $ 500 billion, significantly lowering the federal budget deficit, but at a high economic price.


On average, each U.S. household’s tax bill would rise by $ 3,500; for middle-income households, by almost $ 2,000, according to the Tax Policy Center, a non-partisan think tank.


Here are the key tax increases, spending cuts and other issues that have come to be known as the “fiscal cliff”:


TAX MEASURES


* Income tax rates. On December 31, low ordinary income tax rates enacted on a “temporary” basis in 2001 under former Republican President George W. Bush are set to expire.


President Barack Obama, his fellow Democrats and Republicans in Congress agreed at the end of 2010 to extend these rates for two years, but only a few days remain on that timetable.


If Congress and Obama do nothing by December 31, taxes will rise for most Americans. Rates will go up to 15, 28, 31, 36 and 39.6 percent from the present 10, 15, 25, 28, 33 and 35 percent.


Obama and the Democrats want to prevent this by extending the Bush tax rates again, but only for income below $ 200,000 per individual, or $ 250,000 per family. For income above that level, they seek a return to the higher, pre-Bush tax rates.


Republicans are divided. Some who oppose tax increases of any kind want the Bush tax rates to be extended at all income levels. Others, including House of Representatives Speaker John Boehner, have supported letting rates rise, but only on incomes above $ 1 million – a much higher level than Democrats support.


Obama proposed a compromise level of $ 400,000, but this was spurned by Republicans. Boehner spent several days last week trying to pass a measure in the House, which he leads, with the $ 1-million threshold. But he lacked the votes and gave up.


Afterward, Boehner said Obama and the Democratic-controlled Senate must work out a compromise. The Senate has returned from its holiday break. The Republican-controlled House has not but is expected to return late on Sunday.


* Investment income tax rates. Bush and Congress in 2003 cut taxes on capital gains and dividends, most of which go to high-income taxpayers. These cuts are set to expire at year-end too.


If no action is taken, the long-term capital gains tax rate will rise to 20 percent from 15 percent for the top four tax brackets. At the bottom, they will rise to 10 percent from zero.


Obama wants to let the capital gains rate rise to 20 percent from 15 percent for income above the $ 200,000/$ 250,000 level. Taxes on gains below that would still top out at 15 percent.


Without action from Congress, the dividend tax rate will rise to the ordinary income tax rates for each tax bracket. That would be as high as 39.6 percent for top earners, up from 15 percent now for dividends on qualified, long-term investments.


Obama wants to keep the 15 percent qualified dividend rate cap for most people, but let it rise on income above the $ 200,000/$ 250,000 threshold, to 36 percent or 39.6 percent.


* Personal exemption phase-out and itemized deduction limit. These caps on personal exemptions and itemized deductions will return in 2013 if Congress does not intervene. Both apply to upper-income taxpayers and would limit their ability to lower their tax bills. The caps were eliminated in stages by Bush. But the expiration of his tax cuts means the caps would come back.


* Obama healthcare tax. Regardless of what happens with the fiscal cliff, investment income above $ 200,000/$ 250,000 will be subject to a new 3.8 percent tax under Obama’s healthcare law.


* Alternative minimum tax. The AMT – which prevents upper income taxpayers from slashing their tax bills too much through tax breaks – expired at the end of 2011. That has not had an impact yet because 2012 tax returns have not been filed. The tax is not indexed for inflation. So it is routinely “patched” to prevent tens of millions of upper-middle-class taxpayers from having to start paying it. Both Republicans and Democrats support doing another patch, but have not approved one. The Internal Revenue Service has warned that as many as 100 million taxpayers could face refund delays without an AMT fix.


* Tax breaks. Dozens of individual and business tax breaks expired at the end of 2011, including the research and development credit. There is wide support for extending them again, but businesses will be watching for any faltering.


* Payroll tax. A cut in the payroll tax was extended earlier this year, in an effort to boost the economy. The current 4.2 percent rate paid by about 160 million workers, down from the previous 6.2 percent rate, expires on December 31. Some Democrats, including Obama, back extending the tax cut. The powerful AARP seniors’ lobby opposes renewing the cut, fearing the Social Security system that it helps fund will be undermined.


* Estate tax. The estate tax, which applies to assets passed onto heirs, currently stands at 35 percent, after an exemption level of $ 5 million. With no action, the tax will rise to 55 percent, after excluding the first $ 1 million of value. Obama wants to raise the tax to 45 percent, with a $ 3.5 million exemption, but some high-profile Democrats have come out in support of keeping the current tax and exemption levels. Many Republicans want a repeal of what they call the “death tax.”


BUDGET MEASURES


* Automatic spending cuts. In a deal last year to raise the U.S. debt ceiling, Obama and Congress agreed to $ 1.2 trillion in across-the-board spending cuts if lawmakers failed to reach a deficit-cutting deal by January 2. They failed. Now lawmakers fear the cuts, known as a “sequester,” could harm the economy. Obama has proposed delaying the cuts for a year.


* Unemployment benefits. Millions of people have been exhausting their government jobless benefits during the economic downturn. Congress has extended the benefits several times. Another deadline comes at year-end. Many Republicans want the extensions to stop, saying they discourage job-hunting. Obama has proposed extending the benefits.


* “Doc fix.” Because of an outdated formula in the law, government payments to doctors who treat patients on Medicare, the U.S. health program for the elderly and disabled, are routinely underestimated. If Congress doesn’t fix the situation by the end of the year, the doctors face a double-digit cut to their payments, which could lead them to drop Medicare patients.


DEBT CEILING


The Treasury Department on December 26 announced the first in a series of measures to delay by two months or so the day when the government will exceed its legal borrowing authority. Without action, Treasury said the $ 16.4 trillion debt ceiling would be reached on December 31. Obama wants it raised under a deal to avoid the cliff and he wants new power to raise it himself.


(Additional reporting by Richard Cowan, David Lawder, Tom Ferraro, Rachelle Younglai; Editing by Howard Goller and Cynthia Osterman)


Economy News Headlines – Yahoo! News





Title Post: Factbox: “Fiscal cliff” tax, budget provisions in detail
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..